Hedge fund billionaire Chris Rokos moving from UK to Greece
What's the story
Chris Rokos, a hedge fund billionaire and founder of Rokos Capital Management, is planning to leave the UK. According to Bloomberg, he will be moving his residency to Greece and setting up an office in Athens. This decision comes amid a series of high-profile exits among Britain's super-rich. The move is seen as response to tax changes in the UK, including the abolition of the non-domiciled regime and increased taxes on private equity investments, inheritance, and capital gains.
Taxes
Rokos was UK's 3rd-highest taxpayer
Rokos, who founded his firm in 2015, was the third-highest taxpayer in the UK according to The Sunday Times. He paid an estimated £330 million in taxes last year.
This year alone, he made a record £190 million donation to the University of Cambridge for establishing the Rokos School of Government.
Opulence
Rokos has been renovating a mansion in Wiltshire
Rokos, a former Conservative Party donor, has spent much of the past decade presiding over one of England's most expensive home renovations ever.
The 200-room Tottenham House mansion near Marlborough in Wiltshire underwent a £175 million revamp. The renovation included a tennis pavilion and private cinema.
These details highlight the billionaire's extravagant lifestyle even as he prepares to leave the country.
Tax incentives
Greece's tax regime for high-net-worth investors
Greece has a 15-year high-net-worth investor regime that requires individuals to invest at least €500,000 in Greek real estate, businesses or shares within three years of applying for the tax status.
In return, they can pay a flat annual tax of €100,000 on their foreign income.
This attractive tax regime is one reason why Rokos is moving to Greece.